MARKET SQUARE II MACON GA

Offered by W. Scott Wilson Properties, LLC

478-951-9460

Offer Price $1,875,000.00

e II

Retail

Asset Summary Report

Market Square Phas 1372 Gray Highway Macon, GA 31211

INVESTMENT OVERVIEW 3

PROPERTY OVERVIEW 6

MARKET OVERVIEW 8

RENT ROLL 9

FINANCIAL OVERVIEW 10

TABLE OF CONTENTS

MARKET SQUARE PHASE II INVEST MENT 3

OVER VIEW INVESTMENT OVERVIEW

The opportunity is a community shopping center located in Macon, Georgia . Constructed in 1988, the Property features

two, single -story buildings consisting of 22,543 gross sq. ft. and situated on 4.35 a cres. The Property is currently 78.00%

occupied with eight tenants . Two tenants, Kool Smiles and OneMain Financial, have been in place since 2006 with

the remaining tenants being at the Property approximately two to eight years. Three suites are currently vacant, and

range in size from approximately 1200 to 2,400 sq. ft. The Property is illuminated with both pole mounted lighting

and building mounted lighting . The current owner has been diligent with upkeep and maintenance on the Property

; among these items include a new 3-ton HVAC roof top unit, repairs have been made to the parking lot, new

brick and stucco, light fixtures switched to LED, downspouts reworked, and roof leaks repaired . The billboard on

Gray Highway and the cell tower located behind the center are not included in this offering.

Market Square Phase II has high visibility on Gray Highway, which sees an average of 39,000 vehicles at its intersection

with Lexington Street, 0.57 miles south of the shopping center . The Property is accessible directly off Gray Highway,

and also has accessibility off Shurling Drive via a small a ccess road . In addition, it's location near two other major

retail destinations, Market Square I and Walmart Supercenter, provides great additional foot traffic . Market

Square I, anchored by Goody's, Dollar General, Farmers, and Aaron's, is inline with the Property, while Walmart is

located directly across Gray Highway .

The Property is located in Georgia’s fourth largest city, Macon . The city is the county seat of Bibb County and according

to the U. S. Census Bureau had a 2016 estimated population of 152,760. Macon is considered “The Heart of

Georgia” due to its location near the center of the state. Atlanta is 85 miles to the northwest, Athens is

90 miles to the north, Columbus is 102 miles to the southeast, and Augusta is 121 miles to the northeast . Savannah

is 167 miles to the southeast . Ma con is served by three interstate highways ; Interstate16, connecting Macon to

Savannah and coastal Georgia ; Interstate 75, connecting Macon with Atlanta to the north and Valdosta to the

south; and Interstate 475, a city bypass highway situated west of Macon . A small local airport, Macon Downtown

Airport, is 5.5 miles southeast of the Property, and Middle Georgia Regional Airport is 12.8 miles south. Hartsfield-Jackson

Atlanta International Airport is 78.4 miles to the northwest . Warner Robins, home of Robins Air Force Base, is 22

miles to the south.

The most recent NOI for the period ending December 2017 was $182,586 and current in place NOI is $184,584

. The investment offers potential upside with the opportunity to lease up 4,800 sq. ft. of vacant space at market rates.

INVESTMENT DETAIL S

Property Address

1372 Gray Highway

Number of Units /Suites

11

Property Type /Subtype Retail / Strip Center Assessor's Parcel Number R062-0246

Year Built 1988 Lot Size (Acres) 4.35

Gross Square Footage 22,543 Occupancy 78.00%

Net Rentable Area 22,264 Occupancy As of Date 8/27/2018

Number of Buildings 2 Most Recent NOI* $184,584

Number of Stories 1

*Most Recent NOI: Reflects financials for the period

*NAV: Not Available NAP: Not Applicable

Through July 31st, 2108

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MARKET SQUARE PHASE II INVESTMENT

4

OVERVIEW

AREA MAPS

Regional

Local

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MARKET SQUARE PHASE II INVESTMENT

5

OVERVIEW

AERIAL PHOTOS

MARKET SQUARE PHASE II PROPER TY 6

OVERVIE W PROPERTY DESCRIPTION

Market Square Phase II (the “Property”) is a 22,543 gross sq. ft. community shopping center located in Macon, Georgia.

Constructed in 1988, the Property is situated on one parcel totaling 4.35 a cres of land at 1372 Gray Highway, less

than three miles northeast of downtown Macon .

As of the August 2018 rent roll, the Property is currently 780% leased by a mix of local and regional tenants . The

Property’s largest tenant is Kool Smiles (36.94% of NRA; 51.86% of total revenue), which has been in-place since

August 2006 with a current lease expiration of January 2021. The second largest tenant, Downtown Opticians

(10.51% NRA; 11.26% of total revenue) has been in-place since August 2010 with a current lease expiration of March

2019. The Property features regional tenants which include OneMain Financial and Direct Insurance . Local tenants

within the shopping center include Moon’s Wings & Seafood, who just renewed for 5 years, Lynn Nails, and Sign & T-

Shirt Shop. The Property is zoned C-2, General Commercial District .

The Property is located in a very accessible location off Gray Highway and less than 2.1 miles from Interstate 16. In

close proximity to the Property is Interstate 75, connecting Macon to Atlanta . Surrounding land uses include residential

properties and vacant land with scattered retail to the north, retail followed by residential to the south, multi-family

homes and residential to the west, and retail followed by multi-family and single family homes to the east. Commercial

and retail properties are primarily located along Gray Highway . Immediate retailers in the area include Walmart

Supercenter, Dollar Tree, Dollar General, Roses, Walgreens, CVS, and Murphy Express. Other businesses include

BB&T, Bank of America, Sun Trust Bank, WMAZ-TV Station, and Jiffy Lube. Located nearby are the Bibb County

Sheriff’s Office, US Army National Guard, Macon -Bibb County Health Department, Shurling Branch Library, and Bibb

County Meals on Wheels.

PROPERTY SPECIFICATIONS

Property Address

1372 Gray Highway

Gross Square Footage

22,543

City, ST ZIP Macon, GA 31211 Net Rentable Area 22,264

County Bibb Number of Bldgs. 2

Property Type/Subtype Retail / Strip Center Number of Stories 1

Ownership Type Fee Simple Number of Units/Suites 11

SITE DESCRIPTION

Lot Size (Acres)

4.35

Access

Curb cuts off Gray Hwy and

Shurling Dr

Parking Type Surface Traffic Counts (VPD) 39,000 (Gray Hwy/Lexington

St)

Ground Lease No Landscaping Trees, shrubs, and grass

Parking Surface Asphalt Flood Zone Zone X

Zoning C-2 (General Commercial

District)

Exterior Lighting Pole and building mounted Assessor's Parcel Number R062-0246

*NAV: Not Available NAP: Not Applicable

MARKET SQUARE PHASE II PROPERTY

OVERVIEW

7

PROPERTY PHOTOS

• The Property is located in Bibb County, Macon, Georgia .

• Retail market rents in Bibb County ranged from $6.45 to $6.95 in Q3 2017, which is consistent with the same period one-

year earlier.

• The top three leading industries in Bibb County are healthcare, financial services, and educational services.

The Property is located in Macon, Georgia, in Bibb County, approximately two and a half miles northeast of downtown

Macon and 90 miles southeast of downtown Atlanta . According to the U.S. Census Bureau as of 2016 the population in

Bibb County was estimated at 152,760. Healthcare acc ounts for a large part of the employment sector in Ma con with

over 7,000 individuals . The corporate office of GEICO, a nationally recognized insurance company, is located just outside

city limits and provides jobs for over 5,000 residents . Over 35 schools are located within Bibb County with Bibb County

Board of Education employing nearly 2,000 people . Amazon, an American electronic commerce and cloud computing

company, is opening a new fulfillment center in the county, creating over 600 full- time jobs. Additional industries that

make a large economic impact in the county of Bibb include the local government, manufacturing, and financial

services.

Local attractions in Bibb County include various recreation activities, parks, art galleries, and museums . For recreation,

Bibb County offers Lake Tobesofkee, golf, hiking, family picnics, and hockey at the Macon Mayhem . The Ocmulgee Wetland

offers 702 a cres which allows visitors a glimpse into an ecosystem including plants, animal, birds, and reptiles.

The estimated 2017 population for the one, three, and five-mile radius is 5,258, 28,650, and 69,836, respectively . Since

2000, the population within a one, three, and five-mile radius of the Property has experienced an average annual growth

rate of -0.77%, -0.51%, and -0.59%, respectively . The annual projected growth rate over the next five years within the

one, three, and five-mile radius of the Property is -0.12%, -0.07%, and -0.13%, respectively . Comparatively, the projected

growth rates of Bibb County, the SMA, and the state of Georgia over the next five years are 0.17%, 0.19%, and 1.03%,

respectively . The estimated 2017 average household income for the one, three, and five-mile radius of the Property is

$31,702, $44,624, and $47,452, respectively . Comparatively, the average household income for Bibb County, the SMA,

and the state of Georgia are $59,171, $60,955, and $74,512, respectively .

Demographics

1 Mil e

3 Mil e

5 Mil e

Population (2017 Est.) 5,258 28,650 69,836

2017 - 2022 Forecasted Change (%) -0.61% -0.37% -0.67%

Average Household Income $31,702 $44,624 $47,452

Median Household Income $19,289 $27,027 $28,163

# of Persons per Household 2.18 2.24 2.37

Median Age of Population/Distribution by Age 37.0 36.8 35.2

Percent of owned residences 31.03% 42.52% 49.02% Source: Claritas 2017

Existing Inventory (Sq. Ft.)

Vacancy

Market Rent

Absorption

Delivered

Under (New) Construction

Bibb County

History

15.10 MM - 15.20 MM

10.25% - 10.75%

$6.45 - $6.95

6,000 - 8,500

0

3,500 - 6,500

MARKET SQUARE PHASE II MARKET

OVERVIEW

8

MARKET HIGHLIGHTS

MARKET DETAILS

DEMOGRAPHICS

MARKET SQUARE PHASE II

9

RENT ROLL

RENT ROLL

Unit /Suite

No.

Tenant Name

Tenant

Sq. Ft.

% of

Total Sq.

Ft.

Lease

Start

Lease End

Annual Rent

Annual

Rent per

Sq. Ft.

% of Total

Op

tions

Terms

100 Hair salon 0 900 4.04% 9/1/18 8/31/19 $8,400 $9.33 4.00% N NAV

210 Va cant 0 1,200 5.39% Va cant Va cant $0 $0.00 0.00% N NAV

200 Downtown Opticians Retail 2,340 10.51% 8/11/2010 3/31/2019 $24,996 $10.68 11.26% N NAV

220 Kool Smiles Retail 8,224 36.94% 8/30/2006 1/31/2021 $115,136 $14.00 51.86% N NAV

230 Direct Insurance Retail 1,200 5.39% 6/28/2010 11/30/2018 $18,000 $15.00 8.11% N NAV

240 Sign & T-Shirt Shop Retail 1,200 5.39% 3/1/2015 9/30/2019 $12,300 $10.25 5.54% N NAV

250 Va cant 0 1,200 5.39% Vacant Vacant $0 $0.00 0.00% N NAV

260 Lynn Nails Retail 1,200 5.39% 12/1/2011 11/30/2020 $16,800 $14.00 7.57% N NAV

270 One Main Financial Retail 1,200 5.39% 9/1/2006 9/30/2021 $18,000 $15.00 8.11% 1 5

300 Moon Wing Retail 1,200 5.39% 11/1/2009 10/31/2018 $16,800 $14.00 7.57% N NAV

310 Va cant 0 2,400 10.78% Va cant Va cant $0 $0.00 0.00% N NAV

Leased 17464 78.00% $230,432 $13.19 100.00%

Va cant 4,800 22.00% $0 $0.00 0.00%

Total 22,264 100.00% $230,432 $10.35 100.00%

Notes: Rent Roll as of August 27th, 2018

ROLLOVER SCHEDULE

Year

No. of Tenants

Expiring

Expiring

Sq. Ft.

% of Total

Sq. Ft.

Cumul ative of

Total

Sq. Ft.

Cumul ative

% of Total Sq.

Ft.

Annual Base Rent

Annual Base

Rent Per Sq.

Ft.

MTM 0 0 0.0% 0 0.0% $0 $0.00

2017 0 0 0.0% 0 0.0% $0 $0.00

2018 1 1,200 5.0% 1,200 5.0% $18,000 $15.00

2019 3 4,400 19.94% 5,600 25.15% $45,696 $10.38

2020 1 1,200 5.4% 7,140 32.1% $16,800 $14.00

Thereafter 2 10,624 48.00% 17,754 79.00 % $149,936 $14.11

Va cant 3 3,900 17.5% 22,264 100.0% $0 $0.00

Totals / Wtd. Avg. 11 22,264 100% 22,264 100.00% $230,432 $10.34

MARKET SQUARE PHASE II FINANCIAL

OVERVIEW

10

CASH FLOW SUMMARY

A B C D E F G H I J K L M

1

2 Market Square

3 Profit & Loss Comparasion

4 2015-2018

5

6

7 Jan - Dec 15

Jan - Dec 16

Jan - Dec 17

Jan - July

18

8

Income

9 Rent Income

247,628.97

222,440.70

207,926.04

129,518.69

10 CAM Reimbursement 14,736.00

14,736.00

14,736.00

8,596.00

11 Water Reimbursement 6,421.20

7,415.00

7,159.00

4,024.71

12 Total Utility Reimbursement 21,157.20

22,151.00

21,895.00

12,620.71

13 Total Income

268,786.17

244,591.7

0

229,821.04

142,139.40

14 Gross Profit

268,786.17

244,591.70

229,821.04

142,139.40

15 Expense

16 Parking Lot Sweeping 2,600.00

2,400.00

2,400.00

1,400.00

17 Fire Alarm/Sprinkler Inspection 300.00

300.00

300.00

300.00

18 Insurance

5,863.92

3,653.94

3,753.96

1,924.98

19 Lawn Maintenance 1,775.00

1,150.00

1,869.00

1,308.00

20 Repairs

3,200.00

4,700.00

3,800.00

937.00

21 Taxes

22,237.15

22,966.49

18,389.21

18,389.22

22 Utilities

23 Electric 4,859.00

4,648.21

3,887.00

2,167.02

24

Water/Sewer 10,514.56

12,187.05

12,832.00

7,022.40

25 Total Utilities 15,373.56

16,835.26

16,719.00

9,189.42

26

Total Expense

51,349.63

52,005.69

47,231.17

33,448.62

2

7

Net Income

217,436.54

192,586.0

1

182

,589.87

108,690.78

Notes: YTD 2018 reflects income and expenses through July 2018 per seller.

Market Square Phase II

1372 Gray Highway

Maacon, GA 31211

SCOTT WILSON

W. Scott Wilson Properties LLC

(478) 951-9460

scott@wswprop.com

BRIAN GONZALEZ

Ten-X

(305) 509-6143

bgonzalez@ten -x.com

No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted

subject to omissions, change of price, rental or other condition, without notice, and to any listing conditions, imposed by the owner .